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* This is not a pre-approval or an offer of credit. The products shown above are not available in all areas. Financing will only be offered after review and approval of a fully completed application. Application approval may only be provided after a fully completed application has been submitted and reviewed for all underwriting criteria, including but not limited to: status of real property tax, mortgage payments, and bankruptcies.

The bright future of solar power

October 21, 2015

It's no secret that electricity rates are on the rise across the US. In California, electricity rates rose 30% between 2006 and 2012, according to the Department of Energy. Some analysts predict the price has the potential to increase yet another 47% over just the next 15 years. When the average California home uses around 6,700 kWh (kilowatt hours) of electricity per year, that equates to more than a $500 increase in electric bills per year. There's no better time to start considering alternative energy sources as a way to combat increasing prices of conventional electricity sources. We're here to help.

Solar costs: on the (definitive) decline

Consumer demand for alternative, affordable energy sources is growing. At the same time, financing programs for clean energy upgrades, like our PACE financing, are becoming more popular and easier to use. In light of the White House and Federal Housing Administration's recent announcement of their initiative to support PACE financing, clean energy financing programs everywhere are on track to grow quickly.

Grid parity: an imminent reality

Deutsche Bank predicts that solar costs may fall 40% over the next 4 to 5 years alone. Solar electricity costs are, in many areas, already lower than traditional electric rates, with rates roughly between 13 and 23 cents/kWh. Grid parity, the scenario in which electricity rates from alternative energy sources (like solar) are equal to or lesser than rates from conventional sources, is already a reality in several areas of the US. Six of the largest metropolitan areas (including San Francisco, San Diego, and San Jose) have already reached grid parity. By 2021, it is expected that more than one-third (or about 109 million) of Americans will be at grid parity, according to The Institute for Local Self-Reliance.

By using our financing for your solar photovoltaic (PV) system, you have the potential to offset the repayment cost of the upgrade with long-term utility savings on power bills. Once the installation cost is repaid, solar systems can generate positive income for homeowners, and may also qualify you for other tax credits. Now is the perfect time to make a smart switch to solar. Get in touch with us or start by checking your eligibility for our financing to get started!